What you need to know before the US open
US markets are expected higher today, as investors await the most recent Fed minutes and a speech from chair Janet Yellen. European bourses have edged up ahead of the release, too.
On the data front, mortgage applications increased 0.9 per cent last week, boosted predominantly by people waiting to refinance existing mortgages, rather than take out new mortgages when buying houses.
Corporate news
Tiffany & Co has reported a revenue increase of 13 per cent, to $1bn, in the quarter ending in April, seeing it up its profit forecast from 65 cents per share to 97 cents per share.
Not such a pretty picture for retailer Target, which saw profits fall – and more than expected – to $418m from $498m, with sales up just 2.1 per cent to $17bn.
Data in focus
• 3.00pm: EU May consumer confidence
• 4.00pm: US Fed's Yellen speech
• 7.00pm: US Fed policy meeting minutes